Social Security's cost-of-living increase for 2024 will be announced Thursday.
FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Thursday, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. Biden is trumpeting Medicares new powers to negotiate directly with drugmakers on the cost of prescription medications, but a new poll from The Associated Press-NORC Center for Public Affairs Research shows that any immediate political boost that Biden gets may be limited.
The program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The COLA is calculated according to the Bureau of Labor Statistics' Consumer Price Index, but there are calls to use a different index — and for the agency to instead use the CPI-E, which is the index that measures price changes based on the spending patterns of the elderly — like healthcare, food and medicine costs.
"I feel like there's a lot of distraction in Washington," Abbott said. “Does anyone even care about what is happening with Social Security? I have no clue why they can't come together on something so important.”
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